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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $336.0M, roughly 1.1× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs -1.9%, a 40.5% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 8.7%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Innovate Corp. is an American public financial services company founded in 1994.
FRT vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $382.7M |
| Net Profit | $129.7M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 53.8% | 3.7% |
| Net Margin | 38.6% | -1.9% |
| Revenue YoY | 8.7% | 61.7% |
| Net Profit YoY | 103.5% | 55.4% |
| EPS (diluted) | $1.49 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $382.7M | ||
| Q3 25 | $322.3M | $347.1M | ||
| Q2 25 | $311.5M | $242.0M | ||
| Q1 25 | $309.2M | $274.2M | ||
| Q4 24 | $311.4M | $236.6M | ||
| Q3 24 | $303.6M | $242.2M | ||
| Q2 24 | $296.1M | $313.1M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $-7.4M | ||
| Q3 25 | $61.6M | $-8.9M | ||
| Q2 25 | $155.9M | $-19.8M | ||
| Q1 25 | $63.8M | $-24.5M | ||
| Q4 24 | $65.5M | $-16.6M | ||
| Q3 24 | $61.0M | $-15.0M | ||
| Q2 24 | $112.0M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | 3.7% | ||
| Q3 25 | 34.3% | 1.8% | ||
| Q2 25 | 65.1% | 2.0% | ||
| Q1 25 | 35.0% | 1.2% | ||
| Q4 24 | 35.1% | 1.1% | ||
| Q3 24 | 34.9% | 2.4% | ||
| Q2 24 | 53.0% | 9.2% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | -1.9% | ||
| Q3 25 | 19.1% | -2.6% | ||
| Q2 25 | 50.0% | -8.2% | ||
| Q1 25 | 20.6% | -8.9% | ||
| Q4 24 | 21.0% | -7.0% | ||
| Q3 24 | 20.1% | -6.2% | ||
| Q2 24 | 37.8% | 4.6% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $-0.57 | ||
| Q3 25 | $0.69 | $-0.71 | ||
| Q2 25 | $1.78 | $-1.67 | ||
| Q1 25 | $0.72 | $-1.89 | ||
| Q4 24 | $0.74 | $-0.72 | ||
| Q3 24 | $0.70 | $-1.18 | ||
| Q2 24 | $1.32 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | $112.1M |
| Total DebtLower is stronger | $5.0B | $80.3M |
| Stockholders' EquityBook value | $3.2B | $-240.1M |
| Total Assets | $9.1B | $950.1M |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $112.1M | ||
| Q3 25 | $111.3M | $35.5M | ||
| Q2 25 | $177.0M | $33.4M | ||
| Q1 25 | $109.2M | $33.3M | ||
| Q4 24 | $123.4M | $48.8M | ||
| Q3 24 | $97.0M | $51.0M | ||
| Q2 24 | $103.2M | $80.2M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $4.5B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $-240.1M | ||
| Q3 25 | $3.2B | $-233.3M | ||
| Q2 25 | $3.2B | $-224.8M | ||
| Q1 25 | $3.2B | $-204.2M | ||
| Q4 24 | $3.2B | $-180.4M | ||
| Q3 24 | $3.1B | $-163.1M | ||
| Q2 24 | $3.0B | $-149.0M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $950.1M | ||
| Q3 25 | $8.9B | $913.2M | ||
| Q2 25 | $8.6B | $890.9M | ||
| Q1 25 | $8.6B | $868.0M | ||
| Q4 24 | $8.5B | $891.1M | ||
| Q3 24 | $8.5B | $897.2M | ||
| Q2 24 | $8.4B | $898.9M |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $101.1M | ||
| Q3 25 | $147.8M | $19.2M | ||
| Q2 25 | $150.7M | $40.4M | ||
| Q1 25 | $179.0M | $-14.1M | ||
| Q4 24 | $574.6M | $41.4M | ||
| Q3 24 | $144.1M | $-28.4M | ||
| Q2 24 | $169.7M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | — | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 8.77× | — | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 1.52× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
